REG - abrdn Pvt Equity - Result of AGM and Investment Manager Update
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RNS Number : 5710I abrdn Private Equity Opp Trst plc 27 March 2024
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
27 March 2024
Result of Annual General Meeting & Investment Manager Update
Result of AGM
At the Annual General Meeting of abrdn Private Equity Opportunities Trust plc
(the "Company" or "APEO") held on Wednesday, 27 March 2024, all the
Resolutions as set out in full in the Notice of Meeting included within the
Company's Annual Report for the year ended 30 September 2023, available on the
Company's website www.abrdnpeot.com*, were duly passed.
Proxy votes
The proxy votes received in respect of the AGM resolutions proposed at the
meeting are shown in the table below:
For and Discretionary Against Votes Total Votes
Resolution No. of % of No. of % of Withheld (excluding Votes Withheld)
Number Votes Votes Cast Votes Votes Cast
1. Receive the Annual Report and Financial Statements 109,836,666 100.00 3,722 0.00 11,691 109,840,388
2. Approve the Directors' Remuneration Report 109,660,172 99.86 155,541 0.14 36,366 109,815,713
3. Approve the Dividend Policy 109,838,935 100.00 3,722 0.00 9,422 109,842,657
4. Re-elect Mr Agble 109,783,542 99.98 20,309 0.02 48,228 109,803,851
5. Re-elect Mr Devine 109,748,143 99.95 51,436 0.05 52,500 109,799,579
6. Re-elect Ms Seymour-Williams 109,778,477 99.99 15,957 0.01 57,645 109,794,434
7. Re-elect Ms Stillhart 109,788,129 99.99 15,722 0.01 48,228 109,803,851
8. Re-elect Mr Thomson 109,779,716 99.98 24,135 0.02 48,228 109,803,851
9. Re-appoint BDO LLP as Auditor 109,787,683 99.96 47,269 0.04 17,127 109,834,952
10. Remuneration of the Auditor 109,823,435 99.99 15,573 0.01 13,071 109,839,008
11. Allotment of new equity 109,814,610 99.98 27,015 0.02 10,454 109,841,625
12. Disapply pre-emption rights 109,174,155 99.41 653,166 0.59 24,758 109,827,321
13. Authorise market purchases of ordinary shares 107,895,091 98.23 1,941,487 1.77 15,501 109,836,578
14. Approve holding meetings on less than 14 days' notice 109,722,870 99.90 111,598 0.10 17,611 109,834,468
15. Adoption of new Articles of Association 109,738,298 99.92 83,135 0.08 30,646 109,821,433
Copies of the resolutions passed under special business will shortly be
submitted to the National Storage Mechanism and will be available for
inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) *.
*Neither the NSM website nor the Company's website nor the content of any
website accessible from hyperlinks on those websites (or any other website) is
(or is deemed to be) incorporated into, or forms (or is deemed to form) part
of this announcement.
Investment Manager Update
At the AGM, Mr Devine, the APEO Chair, also provided an update, further to the
Company's announcement on 16 October 2023, on the status of sale by abrdn plc
("abrdn") of its European-headquartered Private Equity business, including the
Company's investment manager, abrdn Capital Partners LLP, to an indirect
subsidiary of Patria Investments Limited ("Patria")(the "Transaction").
Mr Devine said:
"In October 2023, abrdn announced the conditional sale of its
European-headquartered Private Equity business, which includes APEO's
investment manager, abrdn Capital Partners LLP, to an indirect subsidiary of
Patria Investments Limited, a global alternative asset manager established in
Latin America.
As I mentioned in our Annual Report, the Board has been undertaking extensive
diligence on the proposed Transaction with abrdn, our investment management
team, and with Patria, to fully understand the impact of the sale, and what it
means for APEO and its shareholders.
I am pleased to confirm that the Board has completed its due diligence
exercise and has agreed to consent to the Transaction by waiving the "Manager
Change of Control" provisions set out in our Investment Management
Agreement.
During our diligence, we received various assurances, including that there
will be: (i) no change to the management and administration services which are
provided to APEO; (ii) no change to APEO's investment management process; and
(iii) no change to the personnel managing APEO. Importantly, we also received
comfort that the Transaction will be cost neutral for the Company - there are
not expected to be any additional costs to the Company (and so shareholders)
as a result of it.
The Transaction remains subject to regulatory approval and, upon receipt of
that approval, the Board is excited to continue to work with APEO's management
team, and the wider team at Patria."
For abrdn Private Equity Opportunities Trust plc
abrdn Holdings Limited
Company Secretary
27 March 2024
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